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The OPEC+ cartel agreed to cut production by 9.7M bpd in May and June and pledged to increase cuts to nearly 20% of the global supply if necessary. Crude oil opened 9% higher on Easter Monday but traders were quick to discount the spike on fears that the cuts won’t compensate the battered demand. Meanwhile, gold remains bid, now supported by growing deflation risks due to the coronavirus hurting inflation in the US.

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